Imagine traveling to a very small country to start a business this summer.. A country that despite its size on average, made more valuable goods and services than countries many times its size. A country where the average citizen was both computer literate and spoke English and the average wage was around 3.42 an hour. Yet, its GNP easily exceeded that of dozens of countries including India and China. A country whose currency is often traded for higher than that of the Italian Lira or the Japanese Yen. Wouldn't it be nice if such a place existed? Wouldn't you want to start a business there?
The place described above does exist. Its called Norrath and is one planet in a game called Everquest. According to a paper entitled "Virtual Worlds: A First-Hand Account of Market and Society on the Cyberian Frontier" by Edward Castronova a professor in telecommunications at Indiana University. Everything I said about Norrath including its Economic statistics are true as of 2001. Furthermore, Castronova goes on to say that if all of the economies in Everquest in 2001 were combined Everquest would have been the sixth strongest economic power in the world. Not the sixth strongest virtual economy, the actual sixth strongest economy. Everquest at one time had more real buying and selling power than countries like Italy and Japan yet it was surpassed by Second Life. Surpassed.
The economics of Second Life is even more impressive. The number of individuals who make good livings from jobs in their second life increases daily. Second Life and its residents are doing so well that they are opening ties with the American Business community. Members of the United States government including rumored Presidential candidate Governor Mark Warner, have visited and held conferences there. Both Harvard University and New York University have held classes there. Ginko Financial provides banks and financial information both in Second Life and the real world to ensure that Second life Residents will have easier access to their hard earned money.
So why does everyone keep calling Second life a game?
Castanova, Edward, Virtual Worlds: A first hand account of Market and Society on the Cyberian Frontier" (December 2001)
CESifo Working Paper Series No. 618
http://ssrn.com/abstract=294828
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